St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-12-11
BALTIMORE d OHIO.
Spencer Elected Presid ent--An
Extended Financial Exhibit.

SptHCcf EJtccteu IL
Extended Financial Exhibit.
BALTIMORE, Dec. 10.-The directors
of the Baltimore Il Ohio railroad are -.
session to-day. Samuel Spencer was
elected president, and his salary, it is
understood, fixed at S25, 900 per annum.
The salary of the late president, Robert
Garrett, was $1,000. After the election
of Mr.. Spencer the resignation of
Thomas NJ. King. second vice president,
was presented. The terms of the con-
SOlidated mortgage were then read,
after which the board adjourned at .
o'clock until 4 O'Clock. The directors
declined to speak of what had been
transacted other than the election of the
president and the resignation OF Mr.. King
the terms of the consolidated mortgage
bonds of S29,600,000 was then read and
approved. The report states that the
Indebtedness of the company on the 30th
day OF September. not secured by mort
gage, was sill, ,l4S,007 The floating debt
proper, the loans and bills payable, is
SS,7C9,3l The face of the entire main
line mortgage is stated at S31, ,432, 900.
less 1912. 600 paid on account of loans of
1880 and 1885, which have been eX-
tended at per cent, and less SS4l 1872 of
Cancelled bonds in sterling funds, leav-
ing balance of S29.67S.S0o. OF the
consolidated mortgage bonds SS,17T,-
000 are reserved to be exchanged
for the securities now in
the sinking funds. If so exchanged
these latter securities can be disposed
of by the company at its pleasure: and
if not exchanged 81 7,500.000 of the con-
solidated mortgage bonds can be sold,
and the arrangement with the London
banking syndicate contemplates the dis
pOsal to them of S5,010,000 thereof. The
remainder of the consolidated mortgage
bonds-S21. .423, ,000-are to be reserved to
retire the residue of the mortgage in
debtednesS not provided for by existing
sinking funds. The annual cash con-
tributions to the sinking funds. to be
made by the company under the Ster-
ling mortgages, are equivalent to $780,
270, and the yearly increment TO the
fnnd as it now stands, is $3.50, ,030. max
ing total annual investment in the
sinking funds of 500, $50. Hereafter.
instead of this sum being paid liz cash
to retire Indebtedness that will
not fall due until 1895, 1872 and 1910,
respectively, consolidated mortgage
bonds to that amount TO he paid into the
sinking funds each year, and the in
creasing increment of that fund will be
paid i'll the same manner. The cOnsoli-
dated mortgage covers the main line and
branches, exclusive of the Washington
branch between Baltimore and Wheel
ing, the two Ohio river bridges, the COM
pany's Washington branch stock,
amounting at par to $1,02S,OO0 and the
entire amount of the bonds of the
Wheeling, Pittsburg IL Baltimore Rail
road company, amounting to s5,0G0,00O.
and secured by mortage upon its line
between Pittsburg and Wheeling. The
aggregate main line mortgage debt, in
Guiding car trust bonds, is placed at
SSl, ,l71,640. the annual interest upon
which is s., pa ,663, and first ami second
preferred stock, 6 per cent, Sj.e00.O00;
with interest amounting to s300,000. The
total rentals of leased lines amount to
SS65. 5.O5l.